Stock Rally Falters on Conflicting US-Iran Signals: Markets Wrap
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(Bloomberg) — Wall Street traders left stocks wavering amid mixed signals about prospects for a deal to end the war in Iran and revive energy flows through the vital Strait of Hormuz.
Banks in Croatia Face Hit After Ruling on Swiss Franc Loans
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(Bloomberg) — Banks in Croatia face a potential hit if a ruling by the country’s Supreme Court turns out to have sided with borrowers of Swiss-franc loans in a decade-long legal dispute.
BIS and Banks Build Blockchain Cross-Border Payments Prototype
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(Bloomberg) — The Bank for International Settlements and a cohort of partners will soon start testing a new prototype for digital cross-border payments with real-value transactions.
Hong Kong Overtakes Switzerland as Top Offshore Wealth Hub
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(Bloomberg) — Hong Kong has narrowly overtaken Switzerland to become the world’s largest cross-border wealth hub, driven by an influx of mainland Chinese capital and a resurgent local equity market.
Swiss to Vote on Stricter Neutrality Proposal in September
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(Bloomberg) — Swiss voters will decide in September if the country should strengthen its commitment to neutrality, a measure that would limit the government’s ability to impose economic sanctions.
Switzerland’s 10-Million Population Cap Is Worrying Executives
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(Bloomberg) — At its headquarters in Basel, Swiss drugmaker Roche Holding AG employs workers from more than 100 countries. In less than a month, the access to international talent that it’s long enjoyed could come under serious threat.
UBS’ Khan Says AI Will Impact Jobs While Aiding Productivity
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(Bloomberg) — UBS Group AG’s Asia Pacific President Iqbal Khan said artificial intelligence will free up capacity and improve productivity but also have an impact on jobs.
S&P 500 Hits Record High as Iran Peace Hopes Hold: Markets Wrap
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(Bloomberg) — Wall Street kicked off the holiday-shortened week with stocks joining bonds higher as hopes for a peace deal between the US and Iran overshadowed military strikes in the Persian Gulf.
Audemars Piguet CEO Resta Says Swatch Tie-up Smashed Web Records
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(Bloomberg) — For Audemars Piguet Chief Executive Officer Ilaria Resta, the response to the luxury Swiss timepiece maker’s launch of a pocket watch in collaboration with Swatch has been overwhelming.
Ex-Credit Suisse Risk Chief Has Swiss Criminal Case Dismissed
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(Bloomberg) — Credit Suisse’s former head of compliance has avoided a criminal trial for allegedly ignoring red flags in a scandal that helped hasten the bank’s collapse, after the case was dismissed on technical grounds.
US Stock Futures Gain as Crude Oil Drops on Iran: Markets Wrap
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(Bloomberg) — Global stocks rose to record highs as crude oil fell after officials signaled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows. The dollar weakened.
Eni Looks to Speed Up $4 Billion Oil Expansion in Ivory Coast
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(Bloomberg) — Eni SpA will look to accelerate a $4 billion expansion of its offshore joint venture with Vitol Group in the Ivory Coast, Chief Operating Officer Guido Brusco said.
Charting the Global Economy: Factory Activity Sags on Inflation
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(Bloomberg) — The global economy is showing signs of wearing down with inflation pressures persisting during the third month of a war-induced energy crunch.
S&P 500 Bulls Power Longest Weekly Gain Since 2023: Markets Wrap
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(Bloomberg) — Hopes for a deal between the US and Iran that will turn a fragile ceasefire into lasting peace fueled Wall Street optimism, driving stocks to their longest streak of weekly gains since 2023.
Switzerland Adopts Most of EU’s New Russia Sanctions Package
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(Bloomberg) — Switzerland is adopting most of the European Union’s 20th sanctions package against Russia and Belarus, but skips from some elements for now, the government said.
Adecco CEO Warns of Hit From Swiss 10 Million Population Cap
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(Bloomberg) — Staffing company Adecco Group AG has spoken out against a proposal to cap Switzerland’s population at 10 million, warning that restrictions on labor movement would curb economic growth and even harm society.
UBS Hits Back Over Nazi-Accounts Probe Amid Senate Pressure
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(Bloomberg) — UBS Group AG accused the US lawyer overseeing a six-year-old inquiry into Credit Suisse’s handling of Nazi-linked accounts of bias and exceeding his mandate, deepening a standoff between the Swiss bank and its critics in Washington.
Julius Baer Shares Slump as Net New Money Figure Disappoints
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(Bloomberg) — Julius Baer Group Ltd. saw client inflows slow for the first four months of the year, with the bank’s continued de-risking efforts weighing on the Swiss wealth manager’s growth aspirations.
UBS Turns to Senior Wealth Banker to Bolster Mideast Business
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(Bloomberg) — UBS Group AG is moving the head of its Europe, Middle East and Africa wealth business to the Gulf as the bank tries to bolster its regional operations following a string of recent departures.
